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the Purchaser, and to the attorneys approving the legality of the <br />issuance of the Bonds, certified copies of all proceedings and <br />records of the City relating to the Bonds and to the financial <br />condition and affairs of the City, and such other affidavits, <br />certificates and information as are required to show the facts <br />relating to the legality and marketability of the Bonds as the <br />same appear from the books and records under their custody and <br />control or as otherwise known to them, and all such certified <br />copies, certificates and affidavits, including any heretofore <br />furnished, shall be deemed representations of the City as to the <br />facts recited therein. <br />24. Taxable Status of the Bonds. It is hereby <br />determined that the Bonds are to be issued as fully taxable <br />obligations, and all interest received on the Bonds is.to be <br />included in the gross income of the Holder of any Bond for <br />federal income taxation purposes and, to the same extent, in both <br />gross income and taxable net income for state income taxation <br />purposes. <br />25. g&yment of Issuance Expenses. The City authorizes <br />the Purchaser to forward the amount of Bond proceeds allocable to <br />the payment of issuance expenses to Resource Bank & Trust <br />Company, Minneapolis, Minnesota on the closing date for further <br />distribution as directed by the City's financial advisor, Ehlers <br />and Associates, Inc. <br />26. Severability. If any section, paragraph or <br />provision of this resolution shall be held to be invalid or <br />unenforceable for any reason, the invalidity or unenforceability <br />of such section, paragraph or provision shall not affect any of <br />the remaining provisions of this resolution. <br />27. Headings. Headings in this resolution are <br />included for convenience of reference only and are not a part <br />hereof, and shall not limit or define the meaning of any <br />provision hereof. <br />The motion for the adoption of the foregoing <br />resolution was duly seconded by member James Leroux and, <br />after a full discussion thereof and upon a vote being taken <br />thereon, the following voted in favor thereof: <br />Fran Miron, Andrew Goiffon, and James Leroux <br />and the following voted against the same: Deborah Johnson <br />360858.1 <br />15 <br />